McClatchy, Major Local News Publisher, Files for Bankruptcy

McClatchy, the publisher that operates The Miami Herald, The Sacramento Bee and other newspapers, filed for bankruptcy protection on Thursday, saying it planned to restructure the debt it has struggled with for years.

In a Chapter 11 filing in New York, the company, which is one of the largest news publishers in the United States, said its 30 newsrooms would continue operating as usual during the case.

Craig Forman, the president and chief executive of McClatchy, said in a statement that the company’s reorganization plan would allow it to continue its “digital transformation.”

“When local media suffers in the face of industry challenges, communities suffer: Polarization grows, civic connections fray and borrowing costs rise for local governments,” he said.

McClatchy, which operates in 14 states, has struggled with debt for more than a decade, after it acquired a rival newspaper chain, Knight-Ridder, for $4.5 billion in 2006. The recession and the rise of digital media combined to weaken the newspaper business at large.

McClatchy announced in November that it planned to end Saturday print editions of its newspapers by the end of 2020.

This is a developing story. Check back for updates.